What You Need to Know About Housing Loan

Types of Home Loans in the Philippines

The types of home loans vary for every loan purpose. Depending on the property you want, here are the most common types of Housing Loan purpose you can apply in Philippine banks.

Purchase of Property

This applies for all types of property home loan. From purchasing a vacant lot, house and lot, a condominium unit, or a townhouse.

Home Construction/Home Improvement Loan

For individuals looking to renovate their homes, or use the loan amount for home construction.

Refinancing/Reimbursement of Acquisition Cost Loan

Home refinancing means paying off your current home loan with a new one. This applies when you have an existing home loan that you’ve paid for regularly, and you want to borrow money from a new bank with a lower interest rate compared to your existing loan. This is basically a type of balance transfer, in the form of a new home loan.

Not only does it reduce (or increase) the monthly amortization for your current home loan, but it can also extend your loan payment to a much longer term. It really all depends on your capability to repay the loan. For some, they may even opt for higher monthly amortization so they can pay it off much sooner, but with a better interest rate than the ones they’ve signed up for years ago.

Home Equity Loan

Home Equity Loan is a type of secured home loan where the individual applies for a housing loan, with the property set as a collateral. It’s also known as a Collateral Multipurpose Loan because since the property serves as the collateral, the loan purpose is not just limited to funding the property. It can also be used for other purposes such as tuition fees, medical expenses, travel expenses, or even buying a new car.

Note that most banks only finance sixty to eighty percent (60% – 80%) of the appraised value of the property, and you will have to shoulder the remaining amount for the down payment.

Home Loan Application Process

Compare different home loan rates and find the one that fits your monthly income best. When you’ve found the right bank to apply for, here are the following general requirements that you’ll need to submit when applying for a housing loan.

Eligibility requirements:

·         Filipino citizen, at least 21 years old, and not older than 65 years old upon loan application

·         For Foreigners, must have a permanent resident status and valid working Visa

·         Minimum monthly income must be at least P50,000

·         Employed applicant must have a stable source of income of at least two years with the current company

·         Self-employed applicant must have at least two years of regular and profitable business operation

Document requirements:

While specific documents may vary per bank, here are the most common document requirements that banks look for in Home Loan applicants:

·         Completed and signed bank application form

·         At least two (2) clear copies of valid government IDs with photo

·         Marriage Contract, if applicable

Employed

·         Latest BIR Tax Return or W2 Form

·         Latest pay slips of at least three (3) months

·         Certificate of Employment indicating income

Self-employed

·         Business registration documents, DTI, SEC, Articles of Partnership or Incorporation

·         Audited financial statements of last two (2) operating business years

·         Income Tax Return (ITR)

·         Bank Statements, at least three (3) months

·         Trade references – list of suppliers, customers, or affiliates

·         Lease contracts or property documents of business establishment/s

How to Qualify for a Housing Loan

It’s easy to qualify for a housing loan in the Philippines if you’ve met the above eligibility requirements. more than that however, you must also be financially prepared in taking on this responsibility of monthly payments, according to the loan term you chose.

·         Pay off all your debt before applying for a housing loan

All banks process applications with due diligence, and will look into your credit history. Make sure you don’t have delinquent debts that will delay or stop your home loan application.

·         Build a solid credit score

If you find yourself unable to apply for a loan because of existing debt or loan, develop good credit habits by first paying it off, as stated above, and set up a savings account on the bank you owe money from. This way they’ll see the growth of your funds, and you can even use that to apply for a secured credit card when you’ve saved up enough money on your account.

·         Build a solid work history

Not only do you need to work on keeping good credit score, but you must also show banks that you have good work tenure under your belt. If you’ve transferred employment within less than two years or a year, it may be harder for you to get approved for a loan. Banks consider a two-year work tenure as the most amenable work experience for loan or credit card applicants.

·         Build a solid stream of income

You must be able to have enough cash and a steady stream of income to apply for a bank loan. And since banks approve up to 80% of the appraised value of a property, you must have enough money to shoulder all the costs that come with it.

With all this in mind, you’re all set to apply for a housing loan. Compare home loan rates from the leading banks, and use our online home loan calculator to get an estimate of your monthly amortization.

Water Damage Downriver Michigan: Water Removal, Restoration & Repair

Water is certainly very beautiful. We have magnificent falls, rivers and even ocean. However, water can reason a lot of harm to the home. Flooding plus water leaks can influence the home damagingly. Water seeps over the home and discovers all those valuable places to affect. If you are ever confronted with water damage, you completely understand the pressure and anxiety that derives with it. However, there are firms that have been set up so as to offer you the much required help should water damage happen in your property. The water damage downriver Michigan restoration firms have come as an excessive aid to all whom requisite it most.

Here are some of the stuffs you might expect

Timeliness: the finest companies understand that time is of the spirit. The longer water sits, the poorer the damage becomes. Water damage requirements to be addressed as soon as it rises to avoid any needless damage. If the loss gets too bad, your insurer might decline the claim.

Examination: the firm should have experts who are certified, furnished and well trained so as to do the precise examination and decide what requirements to be done. The techs need to have devices that could read the moisture. They moreover need some thermal cameras that would help in the place of all wet areas. Laser measurement types of devices are also a requirement. When all problematic areas have been recognized, the techs must then assess the damage and make archives so as to be able to offer a quote.

The written estimation: after data has been collected, a written estimation is given to the client. Typically, it will cover the estimation for removal, demolition plus drying of areas that have by now been water impaired. There are firms that can really give you an estimation of all materials that are essential for replacement. There are software's that could be used to give a complete analysis of required materials.

Destruction, removal, drying: the firm has the accountability of handling all the affected zones swiftly. What the firm does depends on the harm that has occurred. Some materials requisite to be removed plus replaced. If a toilet floods the floors wherever there are tiles, carpets or wood, then it might be necessary to eliminate them entirely as well as have them replaced.

When all parts are removed effectively, most Water Damage downriver Michigan companies would use some very high powered fans in order to start the procedure of drying. In some cases, barrier control can be used so as to limit access to definite areas or to make some airflow in a very precise way.

The testing of air excellence: this is another very significant service that the firms can offer. Usually, the air might have a contaminant for example mold. There are diverse types of pollutants that can be in the air as well as some pose further danger than others. Usually, the firm tasks and air sample in plus out of the home. The variances in the air can then be recognized and appropriate action taken.
 

Who Invented Which Equipment and When

In the world of construction, it’s not the contractors who reign. Instead, it’s the heavy equipment used to complete construction jobs, both big and small.

5 Most Popular Construction Equipment and Their History

Below, you’ll find the most popular construction equipment, when they were invented, and why it makes sense to use them.

1.    Excavators

Invented by Englishman William Otis in 1835, the first excavator was in the form of mechanized steam shovel. Back then, it was one of the most crucial developments in earth moving.

More developments have occurred since then and today, you’ll see different kinds of excavators. Generally, you’ll see them over tracks or wheels. They’re used mainly for moving earth, but they’re also needed to complete demolition, heavy lifting, and mining. Some excavators have treads and some are equipped with a crusher, shear, or hammer, depending on what kind of job is at hand.

2.    Crawler Dozers

Frenchman M. D’Hermand invented the first ever crawler tread trailer way back 1713. They’re pulled by goats at that time until 1770 when English inventor Richard Edgeworth built the first steam-driven tread system. The crawler dozer has undergone several more developments before it arrived to its built today. They’re used to complete construction jobs which require high tractive effort.

3.    Wheel Loaders

As their name suggests, wheel loaders are used for loading, carrying, excavating, and stockpiling earth. These construction equipment are famous for their versatility, payload capacity, and cost-effectivity. The first prototype was invented during the 1920s, in the form of agricultural tractors with a loader bucket.

4.    Articulated Haulers

Articulated haulers are not only used to transport material over rough terrain; they’re also used as a crane, hook loader, container truck, concrete mixer, water tanker, and timber transporter. One of the earliest articulated hauler was dubbed “Gravel Charlie” and manufactured by Volvo in 1966.

5.    Compact Track Loader

Compact Track Loaders or CTL are known for their ability to perform a variety of tasks be it in sandy and muddy ground conditions or slopes. The first revolutionary CTL was manufactured by All Seasons Vehicles or ASV Holdings, Inc. in 1990.

Should You Buy or Rent Construction Equipment?

These five construction equipment are must-haves in making your construction projects successful. So if you’ve got more big contracts coming down the pipe and your company is growing, it’s only wise to start investing on them.

On the other hand, you may want to consider renting them for now if your company is just starting to grow. This way, you won’t put your finances at risk.

Written by Lindsey Rentals. Lindsey Rentals offers the best equipment rentals in Columbia, MO.

Backyard as a Platform for Your Family DIY Projects

Your backyard always needs work. Sometimes it is trimming, other times it is decorating, but whichever it is, you can use some help. Spend your family time out in the fresh are, productively. Think of all the little things you can do to improve your garden and work on them together. Here are a couple of ideas where you can use the help of your little assistants even at a very young age.

Colorful Planters

Here is an activity for the entire family! The goal is to use a pallet as a holder for flower pots. The pots can be of various sizes and materials. Ask your kids to help you decorate them. You can use whichever technique you find the most appropriate for the pot you are decorating. Whatever you do, make it colorful. Once that is done, use hose clips of larger diameter, depending on the size of the pot and attach them to the upright pallet.

Colorful jar candle holders

Mason jars are some of the most amazing props you can find in your home. You can easily turn them into vases, planters, lanterns or candle holders. You can use different themes for your candle holders by cutting out self-adhesive paper into whichever shape you chose. Stick the shape onto the jar, paint it and remove the paper. Use either spray paint or acrylic paint. You can add some pebbles as a nest for candles. You can use wire to make hooks and hang them as lanterns, or you can place them on a firm surface as candle holders.

Paint the patio

Your kids are going to love this. Choose a pattern and colors to paint your patio blocks. Alternatively, use pebbles or mosaic tiles to create a mosaic. You can even combine the two. Kids will enjoy this as they can both paint away and focus while lining up the pebbles. Help them follow a pattern as much as they can.

Paint a mural

This will make you a super-cool parent and also be a hard job as it requires a lot of supervision. You want the mural to look nice as it will be on your wall for some time. Draw an outline before you start and then let them color it like a coloring book. This task may be too demanding for your kids, so have them paint smaller areas and you can catch up with the rest. Select paint which will make it last for several years. Your best bet is to choose an exterior painting color and make it 100% acrylic.

Make a wind chime

Make a wind chime or several of them. In order to do this, you need two pieces of thin wood or simply branches, some thread or very thin rope and something which actually chimes such as coins or shells. You can also make the pieces yourself out of clay or out of dough. Once you do it, dry them slowly, paint them and hang them on strings.

Putt-putt golf course

This is a more demanding project and unlike the previous ones, it can require a lot of dad’s assistance. Ask your children to think of their favorite obstacles or take them on a trip to a course to get to know the game. Swingeagle reports a growing number of children taking lessons to learn the rules and basic moves. Once they have an idea of what they want to do, they can draw it and you can either use plywood or cardboard for one of the usual favorites such as a windmill or a castle.

Build a race car track

Use patio blocks to make a race car track. Arrange them in a circle and draw the lines. Use some rocks and shrubs to make obstacles and race your toy cars on it. Once you are done playing, you still have a nice piece of garden art to look at.

As your children are growing up and your family is getting older, you can take on bigger projects. You can build a gazebo, a multilevel deck, a pool area. You can also teach them about gardening and ask them to assist you by tending to plants.

A Top Three List of The Best Outdoor TVs

Outdoor TVs are quite expensive when compared to the normal indoor TVs and you also do not have many options as there are only a few companies manufacturing them. If you are thinking of using your indoor TV as an outdoor TV then think again, indoor TVs are not meant to weather the elements and when it becomes too hot or too cold, the TV will malfunction. But if you use an outdoor TV you can be rest assured that the TV will work in bright sunlight as well as in extreme cold conditions. The top three best outdoor TVs are:

SunBrite TV:

When it comes to outdoor TVs then there are not many that can beat SunBrite. SunBrite has a Veranda Series with 4K UHD. This TV series is considered to be the best when you need to place a TV in the shade of your veranda or patio. The TVs in this series are very bright, in fact they are nearly 30% more brighter than your usual indoor TV. This is marketed though as an entry level series and if you are looking for something basic then this is the series for you. Then there is the SunBrite Signature Series. This is better than the basic Veranda Series and is perfect for areas with lot of light. If your patio is only partially shaded, then the Signature Series is perfect for you. The Signature series is totally weather proof and will work in all weather conditions. The company says that this series TVs are 3 times brighter than your usual indoor TVs. The top end series is the SunBrite Pro Series and TVs in this series are considered to be the best. These TVs do not need shade and you get great clarity in direct sunlight too. The TVs come with anti glare glass and those are removable too for cleaning and servicing. The TVs in this series are also weather proof TVs and you need not worry about using this TV during rain or even snow. It is ideal to be placed in the yard or the pool area or an open patio. If you want the best then the Pro Series is right for you.

SkyVueNextGen TV:

SkyVue Next Gen TVs are designed for the outdoors and these TVs can be used in direct sunlight, there is no need for covered or partially covered patios and yards. The bright display is the reason why this TV is quite popular. An added advantage is that it is a Smart TV and you can connect to many apps and view your favourite programs.

Cosmos Outdoor TVs:

Cosmos is another company with a good market share in the outdoor TV business. The Cosmos outdoor TVs are very bright and can be used in direct sunlight. An anti glare glass is also a part of the TV and the extra brightness will not harm your eyes.

These are the three best outdoor TV brands. You need to check each one and then decide on the best for your home.